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The most valuable asset for any company is the customer. Therefore customer satisfaction has to be balanced and sometimes must overshadow revenue when it comes to preventing customer turnover. But companies are missing this fundamental perspective and competitors are rightly taking advantage. In the past few years, I have witnessed smaller companies to large Fortune 500 conglomerates forget this fact.
So what is causing some companies to be arrogant with how they deal with their customers?
Higher Revenue. The profit margin is the biggest culprit. The more revenue realized, the less loyalty can mean to the company. Normally poor decisions are being made because the true reasons for the higher revenue have not been revealed (e.g. lower quality products and services, cheaper employees, high volume low paying transactions, or overpriced charges for a few customers who don't bother to research for lower prices). The increase in revenue may have nothing to do with more satisfied customers.
High Demand. This can oftentimes cause salespeople to be more condescending and unscrupulous by browbeating or daring a customer to take their business elsewhere. If what is being offered is in high demand and the timing is not optimal to switch to the competitor, the prices rise and the service lowers. It appears the higher the demand, the less respect and loyalty the customer should expect.
Customers can make or break a company. It is evident in the online reviews on Yelp, Facebook, BBB, Yellow Pages, Google, and the like. It is better to satisfy a paying customer than to lose recurring business or potential new business. Customers do matter and are absolutely worth the loyalty and the respect.
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